E&S/Specialty

The sudden death of Michael Jackson might trigger one of the biggest event cancellation claims in the insurance industry's history, as speculation about coverage for 50 sold-out performances scheduled at London's O2 Arena ran rampant last week.

Members of corporate boards increasingly recognize that financially ailing carriers can topple directors and officers liability coverage towers, but they also need to structure strong programs in the event their own firms enter bankruptcy.

Insurance products would be mostly exempt from oversight by the proposed Consumer Financial Protection Agency under legislation submitted to Congress this morning by the Treasury Department.

World insurance premium volume fell for the first time since 1980 by 2 percent after years of expansion, according to a report released by Swiss Re.

The U.S. House of Representatives plans to speed up consideration of a measure to reform regulation of surplus lines insurance and reinsurance, industry lobbyists say.

Legislation clarifying the exempt status of Florida's nonadmitted insurance industry from compliance with rate and forms laws was signed earlier this month by Gov. Charles Crist.